The number of applicants for debt restructuring is increasing

It seems that more people have problems with large debts this year than during the same period last year. During the first half of the year, Kamansi Credit saw an increase in applications by about 24 percent, which is a fairly substantial increase. This may mean that more people are sitting with large debts this year, but it may also be that a time of tougher financial situation is finally starting to reap their sacrifices.

So far this year, 4887 people have applied to have their debts cleared with the help of Kamansi Credit. Last year during the same period, 3936 applications were received, which represents an increase of 24 percent. This is a really big increase from one year to another. It has been tough financially for quite a few and the economic situation in general has been quite poor both in Sweden and around the world. It seems that this is now starting to be taken seriously.

According to Kamansi Credit estimates, around 400,000 people in Sweden have large debts. This is over 4 percent of Sweden’s population. Sweden often ends up very high in comparisons between different countries when measuring welfare and how much money each inhabitant has on average etc. At the same time, there are thus a lot who are heavily indebted and who have problems. Of course, this is not good and hopefully in the future we can get this figure down. What is worrying right now is that the trend is showing a substantial increase.

 

More on debt restructuring

More on debt restructuring

Just because you are applying for debt relief, it is far from certain that you will be approved. To be able to get a debt settlement, you have to have large debts that you cannot repay in the foreseeable future. It is also necessary that you have tried to fix your own problems, for example by trying to contact the creditors or by collecting their loans and reducing their costs.

An important part is also how the debts arose. Obviously, it is easier to get a debt settlement if you have got your debts through a lot of bad luck and through situations that you have not had control over yourself. In the same way, it is then obviously more difficult if you have got your debts by just buying a lot of expensive things or not bothering to manage your finances properly and thus end up in trouble.

 

It’s very much about your own responsibility in such a situation

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In principle, debt restructuring is always possible only once in a lifetime and it is a chance to start over with a new economy from the beginning. Then it is important that you really take this chance and that you do not just see debt settlement as an easy way out after living far above your assets and avoiding responsibility.

If you want to read more about debt restructuring, you can do so in our section on debt and debt restructuring.

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